EURUSD 1.1294 Eyes More Losses Post Critical Break
Aayush Jindal
Key Highlights
Euro after trading as high as 1.1294 started to move lower and traded below a major support area.
A bullish trend line on the hourly chart was broken to open the doors for more losses.
The EURUSD pair settled below the 100 hourly simple moving average, which is a negative sign.
In the US, the Pending Home Sales report will be released by the National Association of Realtors today, which is forecasted for an increase of 0.2%.
EURUSD Technical AnalysisThe Euro traded higher after gaining bids against the US dollar this past week to trade near 1.1300. The EURUSD pair found sellers near the stated level, which ignited a downside move. There was a bullish trend line formed on the hourly chart, which was cleared to open the doors for more losses in the near term.The pair even traded below the 50% Fib retracement level of the last wave from the 1.1106 low to 1.1294 high. In short, the pair is trading in the bearish zone, and might face more downsides if sellers remain in control moving ahead.On the upside, the 100 hourly simple moving average might act as a hurdle for buyers. A break above it might take the pair towards the broken trend line, which could act as a resistance.US Pending Home SalesToday, there are many releases lined up in the US. The most important one is the Pending Home Sales, which is a leading indicator of trends of the housing market in the US It captures residential housing contract activity of existing single-family homes will be reported by the National Association of Realtors. The forecast is lined up for a change of 0.2% in August 2015, compared with the preceding month. The expectation is on the lower side when compared with the last rise of 0.5%.Moreover, the Core Personal Consumption Expenditure, which is an average amount of money that consumers spend in a month. "Core" excludes seasonally volatile products such as food and energy will also be released today by the US Bureau of Economic Analysis. The forecast is an increase of 0.1% in August 2015, compared with the preceding month. The forecast is same compared with the last rise of 0.1%.
The pair even traded below the 50% Fib retracement level of the last wave from the 1.1106 low to 1.1294 high. In short, the pair is trading in the bearish zone, and might face more downsides if sellers remain in control moving ahead.On the upside, the 100 hourly simple moving average might act as a hurdle for buyers. A break above it might take the pair towards the broken trend line, which could act as a resistance.US Pending Home SalesToday, there are many releases lined up in the US. The most important one is the Pending Home Sales, which is a leading indicator of trends of the housing market in the US It captures residential housing contract activity of existing single-family homes will be reported by the National Association of Realtors. The forecast is lined up for a change of 0.2% in August 2015, compared with the preceding month. The expectation is on the lower side when compared with the last rise of 0.5%.Moreover, the Core Personal Consumption Expenditure, which is an average amount of money that consumers spend in a month. "Core" excludes seasonally volatile products such as food and energy will also be released today by the US Bureau of Economic Analysis. The forecast is an increase of 0.1% in August 2015, compared with the preceding month. The forecast is same compared with the last rise of 0.1%.
The pair even traded below the 50% Fib retracement level of the last wave from the 1.1106 low to 1.1294 high. In short, the pair is trading in the bearish zone, and might face more downsides if sellers remain in control moving ahead.On the upside, the 100 hourly simple moving average might act as a hurdle for buyers. A break above it might take the pair towards the broken trend line, which could act as a resistance.US Pending Home SalesToday, there are many releases lined up in the US. The most important one is the Pending Home Sales, which is a leading indicator of trends of the housing market in the US It captures residential housing contract activity of existing single-family homes will be reported by the National Association of Realtors. The forecast is lined up for a change of 0.2% in August 2015, compared with the preceding month. The expectation is on the lower side when compared with the last rise of 0.5%.Moreover, the Core Personal Consumption Expenditure, which is an average amount of money that consumers spend in a month. "Core" excludes seasonally volatile products such as food and energy will also be released today by the US Bureau of Economic Analysis. The forecast is an increase of 0.1% in August 2015, compared with the preceding month. The forecast is same compared with the last rise of 0.1%.